Contracting out etc
334 Contracting out etc
A provision of a contract or other instrument by which a person seeks to avoid or modify the effect of this Act (other than the National Credit Code) is void.
A similar rule applies for the purposes of the National Credit Code (see section 191 of that Code).
A provision of a contract or other instrument by which a person seeks to have:
a debtor indemnify a credit provider; or
a mortgagor indemnify a mortgagee; or
a guarantor indemnify a beneficiary of a guarantee; or
a lessee indemnify a lessor;
for any loss or liability arising under this Act (other than the National Credit Code) is void.
A similar rule applies for the purposes of the National Credit Code (see section 191 of that Code).
A person commits an offence if:
the person is a credit provider, mortgagee, beneficiary of a guarantee or lessor; and
the person is a party to a contract or other instrument; and
the contract or other instrument is void under subsection (1) or (2).
Criminal penalty: 100 penalty units.
Subsection (3) is an offence of strict liability:
For strict liability, see section 6.1 of the Criminal Code.
Subsection (2) does not affect the operation of subsection 60(2) of the National Credit Code.
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